Does your blog have a business model? If it doesn’t, it should. Whether your blog IS the business itself or it’s simply a part of your business, it’s important to know what the monetization model is for your blog and track it as you would any other aspect of your business.
Blog monetization models can be divided into two key categories: direct or indirect. A direct blog monetization model is one where the blog is the direct source of revenue; whereas, indirect blog monetization model is where the blog is a lead generation tool that contributes to revenues via the sales of a product or service outside the blog.
Most often, a blog will employ multiple monetization models, combining both direct and indirect monetization. For example, a blog may offer advertisers an opportunity to place ads on the site (direct) in addition to offering consulting services (indirect). In that case, the blog is almost like a marketing platform that pays for itself.
5 Monetization Models for Your Blog
Blog Business Model #1: Blog as Client Catcher
The key to converting prospects to paying clients is establishing your credibility – aka showing off your smarts! Using a blog as a ‘client catcher’ is a leveraged way of communicating with many prospective clients at once.
Using a blog to attract potential clients means sharing your strategic insights, highlight helpful resources and giving them a reason to take that next step towards becoming a paying client!
Blog Business Model #2: Blog as Gateway to Virtual Coaching
A simple way to convert any information blog or coaching practice into a virtual coaching model is to package your expertise in bite-sized chunks in the form of teleclasses, webinars or e-books.
Name any topic, from photography to potty training, and chances are there are people out there who are willing to pay money to get a head start on learning it. The key is to find that pricing sweet spot that your site visitors think nothing of clicking BUY NOW!
Blog Business Model #3: Blog as Online Store
One way to take your love of extraordinary things and turn it into a blog monetization strategy is to become a reseller of all those delicious products you love to share (or create).
Use your blog as a virtual showroom for your products, giving your readers helpful hints on how to use the products, what features to look for when choosing a product or any other expert advise they already turn to you for.
Blog Business Model #4: Blog as Digital Publishing
So fussing around with product orders and inventory isn’t your thing. That doesn’t mean you can’t benefit from helping other businesses sell their products to your readers using a more traditional advertising model.
The key is building a loyal readership and generating ‘impressions’ for your brand advertisers as most digital publishing models are based entirely on traffic. Check out this post on building a media kit for your blog!
Blog Business Model #5: Blog as Affiliate Marketing
Turn your expert recommendations into revenue by using affiliate marketing as a monetization model. Showcase your favorite books, resources, products or even virtual coaching products from other experts and earn money.
The key is disclosing that you are using affiliate links in your recommendations. Not only does it maintain the trust relationship with your audience, it adheres to the disclosure requirements for bloggers.
A final word on blogging…
Think of your blog as your online resume. You never know what many and varied opportunities – from book deals to strategic partnerships to full-time jobs – will come from showcasing your expertise online. It all starts with building an audience by sharing YOUR valuable information and insights!